re: Purchase Agreement /legal questions

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He didn't lie.

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Did the buyer's loan application include the judgment as a liability? If the buyer knew of the judgment then he attempted loan fraud, and the deposit was not made in good faith. A review of the records from the case would reveal whether the buyer had contested the claim that resulted in the judgment, and would have definitely been aware of its existence.

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Someone didn't do their job vetting his credit or lied to him about what they were capable of doing for him.

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If the mortgage broker was aware of the judgment when it issued the pre-approved letter, then the mortgage broker caused the OP damage based on negative information knowingly withheld from the OP. Any claim for damages by the OP against the mortgage broker could be pursued despite releasing the deposit and holding the buyer harmless. The problem is that the OP's economic damages aren't worth the cost to pursue. But he could file a complaint with the Louisiana Office of Financial Institutions, the National Association of Mortgage Brokers and the Better Business Bureau. It won't likely result in recompense, but could provide some measure of satisfaction.